I am retired and my income is from pension or social security. What will I need to provide?
We will ask for copies of your recent pension or social security award letters and bank statement showing the income is being deposited directly into your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life.
If you’re receiving tax-free income, such as social security earnings, in some cases we can gross-up the income by 25% to help those with social security qualify for their mortgage.
- Do I have to provide information about my child support, alimony or separate maintenance income?
- How can I obtain a free credit report?
- What steps should I take if I become a victim of identity theft?
- What if my credit score is too low?
- How do I dispute an item on my credit report?
- Will the inquiry about my credit affect my credit score?
- What is a credit score and how does it affect my application?
- What if my homeowner’s insurance is up for renewal?
- How do I complete the application if I was in school before obtaining my current job?
- How should I complete the application if I am relocating to a new job that I haven’t started yet?
- How will rental income be verified?
- I have income from dividends and/or interest. What documents will I need to provide?
- What are some tips for completing the online application?
- How will you verify income on a self-employed applicant?
- Will my second job income be considered?
- Will my overtime, commission, or bonus income be considered when evaluating my application?
- I have student loans that aren’t in repayment yet. Will those be counted in my debt to income ratio?
- What debt do you include in my debt to income ratio?
- Why do you need information about other properties I own?
- Is a gift from someone else an acceptable source of my down payment?
- What will be required if I withdraw money from a 401(K) account for my down payment?
- What should I do if I’m not sure about the annual real estate taxes?
- What if I’m not sure about the property value, sales price or amount I want to borrow?
- What do I do if I can’t retrieve or print out the electronic disclosures, or have some other problem with them?